No respite for Rupee Bank yet

The Reserve Bank of India has extended directions issued to Rupee Co-operative Bank Ltd., Pune, Maharashtra for a further period from November 22, 2017 to May 31, 2018 subject to review.

The directions were originally imposed from February 22, 2013 to August 21, 2013 and were extended on eight occasions for a period of six months each and thrice for a period of three months each. The last extension was for a period of three months from August 22, 2017 to November 21, 2017

“The directions were imposed in exercise of powers vested it. A copy of the directions is displayed at the bank’s premises for perusal by interested members of public”, reads a RBI release.

“The issue of the directions by the Reserve bank should not, per se, be construed as cancellation of banking license by the Reserve Bank. The bank will continue to undertake banking business with restrictions till its financial position improves. The Reserve Bank may consider modifications of these directions depending upon circumstances”, the release clarifies.